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2 December ECOFIN Council agrees new financial supervisory structure – 3 new watchdogs for European financial markets
The deal paves the way for 3 new watchdogs to supervise the financial system in all EU countries. They won’t be able to decide on future bailouts resulting from a future crisis. The City will mainly be controlled by the FSA.
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ECON Committee 1 December – exchange of views with CESR Secretary General Eddy Wymeersch
Reforming CESR into ESMA is the main task facing CESR today. On accounting standards, the EU is not doing very well because US and EU standards are diverging and this is creating a huge gap. CESR defends international cooperation.
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MEPs debate pros and cons of financial transaction tax – European Commission, however, isn't planning any measures at present
Noting the divergence of views at the hearing, Wolf Klinz (ALDE, DE) said that 'at the end of the day we'll have to take a political decision'. McCarthy (S&D,UK) pointed out that the public would like to know who will pay in the next crisis making a 'Financial Transaction Tax' necessary.
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British Bankers believe Sarkozy has undermined EU with comments on new Internal Market commissioner
Mr Sarkozy said the British were the ‘losers’ in the battle for the top economic jobs in Brussels. He expects Mr Barnier to introduce regulations to curb the ‘Anglo-Saxon’ model of capitalism, creating a wave of complaints in the City.
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European Shadow Financial Regulatory Committee 'trilemma' paper: A New Life for European Financial Supervision
The paper presents a ‘trilemma’ with three actors: financial integration, financial stability and national supervision. Combine freedom of capital movements and exchange rate stability while retaining national monetary policies - or not?
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MEPs hear experts at joint ECON-CRIS seminar on monetary exit strategies and systemic risk
EU co-ordination of exit strategies, links between ECB and European Systemic Risk Board and a possible ban on products that destabilize markets were key issues raised by MEPs at a recent hearing of experts.
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OECD paper on prudential regulation and competition in financial markets – no trade-off between stability and competition
It examines how stability-oriented regulatory policies for banking and insurance are linked to selected stability and competition outcomes. The results show there isn’t a general trade-off between policies and competition in banking and insurance.
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FSA Turner’s speech: Responding to the financial crisis. Challenging past assumptions on capital levels
Lord Turner said that on capital requirements there is strong consensus that the global banking system should run with more capital and lower leverage in the future than in the past. The key question is how much more capital banks will have to keep.
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Implementation of the Treaty of Lisbon – EU leaders welcome the end of the process begun in 2001
After the polemic Irish and Czech ratification, the treaty today entered into force. It will increase democratic accountability by enhancing European Parliament's decision-making power and creating a single voice representing Europe in its external relations.
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Barroso's Commission appointments: skilful, disturbing result of automatically removing David Wright from financial services
The appointment of UK national Jonathan Faull as DG Internal Market alongside French Commissioner Barnier – under long-standing Commission staff rules – automatically requires the replacement of Deputy DG David Wright, despite his wealth of background and standing among stakeholders.
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Trichet at DNB’s 2009 Financial Forum: shaping the future of global financial market regulation
When asked what impact the G20 has had on the work of the Basel Committee, Trichet said the G20 leadership, in determining the new financial regulatory framework, has led to a strengthening of the Basel Committee. This is a G20 success which will help to achieve financial stability.
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Barroso final portfolio allocations for new Commission – French commissioner for financial services
The new College will have 27 members including 9 women. The members of the College come from different political families, notably the European People's Party (EPP). 14 members, including the President, are already members of the outgoing College.
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